Romeo Power ramps battery pack production for EVs and stationary storage

Romeo Power, the energy storage technology company founded by engineers and designers from SpaceX, Tesla, Apple, Amazon and Samsung, received USD 30 million in seed financing.

The announcement comes as Romeo Power finalizes the installation of a fully automated 113'000 square-foot manufacturing facility near downtown Los Angeles, and ramps production of its lithium-ion battery packs for electric vehicle (EV) and stationary storage applications.
Since Romeo Power kicked off sales in 2017, the company has seen USD 65 million in initial orders scheduled for delivery in 2018. Current contracts and design agreements for the company span U.S. and European automakers, manufacturers of motorcycles and forklifts, industrial players such as Power Designers, robotics companies including Robotic Assistance Devices, and more.
“We’ve seen incredible momentum in a short period, and we’re scaling manufacturing as fast as we can to meet demand,” said Michael Patterson, Romeo Power founder, and CEO. “There’s a massive market opportunity for energy storage technologies.”
The EV market alone is expected to reach USD 32 billion by 2020. And recent government mandates around the world to eliminate gas cars are accelerating demand for advanced lithium-ion battery packs that can deliver more energy, range, faster charge times, smaller footprints and exceed current safety standards.
Romeo Power’s team of engineers is led by company Co-founder and Chief Technology Officer Porter Harris, who developed the battery technology powering SpaceX’s F9 rocket and Dragon spacecraft. “We’ve applied technologies developed for applications in space and aerospace, and we’ve improved upon them to create products that break new ground for EVs and stationary energy storage,” said Harris.
The company’s fully automated 113'000 square-foot manufacturing facility is on track to be complete by the end of the year. Romeo Power designs, engineers, tests, and produces all of its lithium-ion battery packs on-site, and the facility features a research and development and testing lab. Romeo Power will be at 1 GWh of capacity on a single shift by the end of 2017 and will quadruple its capacity in 2018 to 4 GWh per shift.